SASBO questions ABSA interim CEO appointment

ABSA employees have taken to the streets in a peaceful demonstration to protest the recent exit of former CEO, Daniel Mminele, and to express their dissatisfaction with the bank's lack of black leadership and transformation initiatives. The protest, organized by the General Secretary of Banking and Finance Union SASBO, Joe Kokela, aims to send a message that the employees and the union are not in support of the board's decision to part ways with Mminele. The demonstrators gathered outside the ABSA towers, holding placards and encouraging passersby to honk in solidarity. Over 200 employees have participated in the protest, contributing over 150 flowers as a symbol of farewell to Mminele. Kokela emphasized that the union believes ABSA is not ready for black leadership and fails to align with the transformation agenda of the country. He criticized the bank's statement about differences with Mminele, citing concerns about strategy and culture, stating that the company's culture does not conform to the needed transformation. He highlighted the lack of demographic representation in the bank's top executives, pointing out a bias towards white talent and a resistance to change. Kokela also expressed skepticism about the reasons given for Mminele's exit and questioned the appointment of an acting CEO from the previous CFO, calling for a more serious approach to transformation. Despite efforts to engage with ABSA's chairwoman, Kokela remains unconvinced of the board's decisions and plans to continue advocating for diversity and representation in the bank's leadership. The protest underscores the ongoing tension within ABSA and the broader financial sector regarding diversity, transformation, and leadership changes.